Partner Type and Geographic Scope

• Partner Type:

• Geographic Scope:

Programs

Background

• Best Buy is an electronics retailer that generates over $51 billion in revenue across 1,042 stores in the US, 164 stores in Canada and includes Geek Squad, which offers technical support in store and online.

• Best Buy first partnered with LiftForward to launch the Xbox All Access program in the US in 2019 and Canada in 2021.

• Based on the strength and stability of the LiftForward platform, Best Buy launched a new subscription program Upgrade+ in partnership with Citizens Pay and Apple.

Partner Business Objectives

• Best Buy strives to meet their customers’ needs by providing affordable, innovative products and top-tier support.

• Best Buy needed a scalable, flexible platform to support its goal of expanding subscription offerings to meet consumer demands for the most advanced products at all times for a low monthly price.

• Best Buy wanted to combine the ability to seamlessly support multiple financing structures (installment loans, balloon payments, line of credit) with subscription capabilities (service attach, software attach, Device-as-a-Service) to increase customer lifetime value over time as more product families are added to Upgrade+.

Program Details

Xbox All Access (US)

Operating model (learn more):

• Xbox All Access, Best Buy’s first embedded finance program with LiftForward, gives customers the ability to finance the Xbox consoles with a digitally attached 24-months of GamePass Ultimate for single low monthly price.

• Xbox All Access subscribers save money compared to standalone purchases, and benefit from the convenient bundling of games through dynamic digital attach that removes the need for tokens or cards.

Xbox All Access (Canada)

Operating model (learn more):

• Use of the common LiftForward platform allowed Best Buy to leverage internal operational efficiencies despite launching XAA in a different country with a different Lender in Royal Bank of Canada (RBC) who used their BNPL product, PayPlan as the payment vehicle.

• In addition to the Customer, Order and Asset APIs used in the US, LiftForward hosts the credit application front-end for Best Buy Canada, simplifying the process for both Best Buy and the Lender, RBC.

Best Buy Upgrade+

Operating model (learn more):

• Due to the scalability, stability and flexibility that the LiftForward platform showed for XAA, Best Buy launched another program with LiftForward in Upgrade+.

• Upgrade+ is a Device-as-a-Service program launched by Best Buy US, initially with Apple products, using Citizens Pay as the payment vehicle through the LiftForward platform.

• Best Buy leveraged the LiftForward APIs already in place for XAA to allow customers to open a new account with Citizens Pay, purchase a driver product (selection of Apple devices), add AppleCare and accessories, pay in monthly installments and qualify for upgrades.

• Using LiftForward APIs integrated with both Citizens and Best Buy, the customer can seamlessly execute an upgrade to keep themselves in the most advanced devices.

LiftForward Solutions

Subscription Management

Engage & Purchase

Application & Enrollment

Payment & Settlement

LiftForward provides continuous business and operational guidance in working closely with Best Buy Finance, Payments, Merchandise, Product, and Operations teams to ensure its platform scales to meet the different subscription options for their customers in US and Canada, and OEM partners like Microsoft and Apple. Learn more.

LiftForward’s global capability and flexibility met the Best Buy need to support different customer journeys in US vs Canada as well as different operating models between API-only and Hybrid to seamlessly ensure customers could log in to their trusted Best Buy account and easily select the products available for subscription and upgrade. Learn more.

Despite the US and Canada groups requiring different technical approaches with one using API-only and the other Hybrid, respectively, LiftForward ensures that financing decisions are made in real-time, allowing Best Buy customers in both regions to complete their purchases quickly and efficiently for all programs and all supporting Lenders. Learn more.

Best Buy enjoys the ability to process the complex subscription and upgrade program purchases as simple credit card transactions due to LiftForward use of virtual cards and it’s integration with banks to reconcile the credit card activity with their required loan and LOC actions. Learn more.

LiftForward dynamically attaches key subscription elements in AppleCare and GamePass Ultimate at the time of fulfillment, which increases Average Order Size and removes a manual step for both customers and Best Buy, which decreases complexity and increases conversion. Learn more.

In both US and Canada, LiftForward connects the different Lenders, OEM Brands, and logistics providers to allow customers to easily return and upgrade their hardware and software with ease, and ensure each stakeholder is made whole in the transaction. Learn more.

LiftForward provides granular data and reports for Best Buy to to reconcile their subscription sales and ensure all operations and financial team members can track every part of the product journey for both performance tracking and issue resolution. Learn more.

Let’s get in touch!